Oil prices drop

Oil prices dropped on Wednesday after an industry report showed an unexpected build in US crude stocks, paring some of their gains of nearly 6 percent from the session before.

Oil prices had surged on Tuesday as members of the OPEC were set to renew efforts to efforts to agree concrete steps to implement a deal on cutting output in the face of a persistent global glut.

US benchmark crude CLc1 was down 26 cents at $45.55 a barrel at 0208 GMT. On Tuesday, the contract surged 5.8 per cent to $45.81 per barrel in its biggest daily percentage increase since early April.

Brent LCOc1 futures, the global benchmark, also dropped by 26 cents to $46.69 a barrel. They settled up 5.7 per cent at $46.95 a barrel in their largest percentage gain since Sept. 28.

Organisation of the Petroleum Exporting Countries (OPEC) agreed to an outline of a supply cutting deal in September but with two weeks to go before a Nov. 30 meeting, disagreements persist among members and non-OPEC Russia on crucial details, according to a news agency report.